The realization of a $3.8 billion “loss” is very disconcerting, but not as much as the governor’s attempt to hijack this fund. It was only a few years ago the governor wanted the pension fund to “loan” money for the rebuilding of the Tappan Zee Bridge. It would have been a scant $4 billion and secured by IOUs (bonds) issued by the state. Only thing in the way was Mr. DiNapoli as sole trustee.

The $3.8 billion “loss” was due to the investment parameters set by the state. As the story stated, Mr. DiNapoli tried to get authorization for other investment options and was denied by the governor.

Beware if a “board” (of Albany cronies) replaces DiNapoli; then the fund might be sold the Brooklyn Bridge and retirees an empty promise.

WILLIAM HARRIS

HORSEHEADS

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